Recent government action to force transparency of property ownership in B.C. had outspoken immigration lawyer Richard Kurland so impressed that he fired off a letter to the Premier.
“It’s game over. It’s huge,” Mr. Kurland says. “It means you can’t hide international capital in B.C. real estate. And it’s about gosh darn time, because there were so many players who benefitted from being blind … including individuals who were able to hide capital, to hide profits from the tax authorities of Canada and their home countries.”
According to the province, the Land Owner Transparency Registry, which came into effect on Nov. 30, is the first in the world to require ownership disclosure of land that is owned by corporations, partners and trustees – also known as beneficial ownership.
It is one action among several that have been taken over the past couple of years to bring transparency, combat domestic and international tax evasion and money laundering, and make living in B.C. more affordable by encouraging property owners to rent out their properties instead of keeping them vacant, Mr. Kurland said in his e-mail to Premier John Horgan. B.C. is leading the way with unique measures designed to close system loopholes and bring housing back to the local market.
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